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Toreador commented on the recent French law, voted on June 30, 2011, banning the use of hydraulic fracturing for oil and gas extraction.
Craig McKenzie, President and CEO of Toreador, said, "As a longstanding operator in France, we have demonstrated our expertise and ability to conduct our Paris Basin operations in full respect of the environment and local residents where we operate. Notwithstanding the new law, we believe the oil resource potential of the Paris Basin can create jobs, provide local economic development, generate substantial revenues for the State and benefit all stakeholders. We reaffirm our commitment to define and develop this basin to reach its potential for all stakeholders, in compliance with French legislation and through cooperation with French authorities."
Added McKenzie, "It is important to note that our plan to evaluate our exploration licenses does not call for hydraulic fracturing. We will not conduct hydraulic fracturing operations within any of our permit areas. We will make full disclosures and representations to the French regulatory authorities as may be required."
Concluded McKenzie, "As we recently outlined at our annual shareholder's meeting, the company has been able to significantly advance its assessment of traditional exploration and development opportunities across its entire Paris Basin portfolio. It is our goal to bring these plans forward and to take the operational and strategic steps to create long-term value for our shareholders."
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